March 2, 2015
This morning, the Washington D.C.-based co-working space Canvas Co/work announced that it has been acquired by the Rockville, MD-based design agency HZDG. According to the statement posted by Canvas earlier this morning, HZDG will acquire all of its assets, including its 6,000-square-foot space near DC's Dupont Circle.
Canvas was one of the first coworking offices in D.C. – opened in 2011 by Alex Girón and now-nvite cofounder and CEO Martin Ringlein. Since then, the region has seen the rise (and fall) of several competitors, including 1776, UberOffices, WeWork, and Affinity Labs (which unluckily got evicted late last year as it was working through an acquisition deal). While HZDG is acquiring the space, current members of Canvas will not be pushed out – that is, according to a report by Technical.ly DC; rather, the design studio will take up 14 spaces – spots that often open up in the pre-SXSW season.
In the past few years, Canvas has housed several of DC tech's rising stars, as well as hosted some renowned speakers – from the likes of Twitter executives to Reddit cofounder Alexis Ohanian. The coworking spot has been home to local successes like MACAW and nvite, as well as housed the DC-based remote teams of premier companies like Lyft, Postmates, Firefox, Buffer, and SmartThings.
“Our aim has always been to cultivate community and help grow the organizations within, HZ has the resources and passion that take that mission to a new level”, said Martin Ringlein, in a statement.
The acquisition of Canvas allows HZDG to have an office more centrally located in downtown DC, but also gives some of Canvas's current community of freelancers and creatives an opportunity to work alongside one of the most creative agencies in the region. The hope in the long-run is for a possible expansion of Canvas through the resources now made available to it because of the acquisition.
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